Rich-lister Mike Cannon-Brookes and his wife Annie have just added to their burgeoning property portfolio with the purchase of Dunk Island on Queensland’s Great Barrier Reef for $23.65 million. Once a glittering resort, the island had fallen into disrepair over a decade ago when it was hit by a cyclone, but the Cannon-Brookes’ have stated their intention to revitalise the tropical paradise.
Located 4 kilometres off the coast near Mission Beach, Dunk Island spans a total of 147 hectares and represents one of the best private island properties on the east coast of Australia. The purchase of Dunk Island is said to have been led by Annie Cannon-Brookes, and represents the first foray into the area for Australia’s third wealthiest couple, following their 2021 purchase of Fairwater at Point Piper on Sydney Harbour for $100 million.
At 42 years old, Mike Cannon-Brookes made his money as the Co-Founder & Co-CEO of Sydney-based tech giant Atlassian, which generated revenue exceeding $3.1 billion in 2021. Cannon-Brookes is also a part-owner of the Utah Jazz NBA team and currently the largest shareholder of energy giant AGL.
Dunk Island has a history of experiencing damaging cyclones, both during Cyclone Larry in 2006 and Cyclone Yasi in 2011. Since 2011, the 160-room hotel and 9-hole golf course have both been closed to the public, which may be set to change under the ownership of the Cannon-Brookes family.
Just as Mike Cannon-Brookes is passionately driven by concerns to protect the environment, which he has used his majority shareholder position at AGL to express, Annie is also deeply motivated by sustainable causes. This is reportedly the motivating factor behind the purchase of Dunk Island, with a spokesperson confirming, “Annie has purchased the land with the intent to preserve its natural beauty for years to come.”
Mr & Mrs Cannon-Brookes appear to be on something of a shopping spree. Last year, they snapped up a $13 million property in NSW’s Southern Highlands known as Wattle Ridge Farm two months after acquiring $25 million worth of luxury weekenders in Newport and Pittwater’s Scotland Island. This was all quite the addition to an ever-growing real estate portfolio, which was then valued at approximately $290 million in total.
Granted, $13 million, $25 million, even $290 million is a drop in the ocean when you have a net worth exceeding $27 billion (and when you rank #3 on the AFR Rich List). Still, you can understand why the very notion of a single person amassing this much real estate – well over $250 million of which in the last three years alone – would boggle the mind. It’s to the point where some speculate Cannon-Brookes could be retaining what is perhaps the country’s largest collection of private homes, weekenders, and farms for personal use.
“There have been individuals who over the years have owned up to six or seven residential homes in Sydney,” said Bill Malouf, prestige real estate agent of LJ Hooker Double Bay.
“But I don’t think anyone comes anywhere close to that amount of personal property.”
Right you are, sir.